Form 8-K
8-K — SHERWIN WILLIAMS CO
Accession: 0000089800-26-000054
Filed: 2026-10-27
Period: 2026-10-27
CIK: 0000089800
SIC: 5200 (RETAIL-BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — shw-20261027.htm (Primary)
EX-99.1 (shwearningsrelease3q2026.htm)
GRAPHIC (shw-pressxreleasex1q2022.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: shw-20261027.htm · Sequence: 1
shw-20261027
0000089800false00000898002026-10-272026-10-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 2026
THE SHERWIN-WILLIAMS COMPANY
(Exact Name of Registrant as Specified in Charter)
Ohio
1-04851
34-0526850
(State or other jurisdiction of incorporation)
(Commission file number)
(I.R.S. Employer Identification No.)
1 Sherwin Way
Cleveland,
Ohio
44113-2206
(Address of principal executive offices)
(Zip Code)
(216) 566-2000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common Stock, par value $0.33-1/3 per share
SHW
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02.Results of Operations and Financial Condition.
On October 27, 2026, The Sherwin-Williams Company issued a press release announcing its financial results for the third quarter ended September 30, 2026 and certain other information. A copy of the press release is furnished with this Report as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section, and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly incorporated by specific reference in such filing.
Item 9.01.Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Exhibit Description
99.1
Press Release of The Sherwin-Williams Company, dated October 27, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
THE SHERWIN-WILLIAMS COMPANY
October 27, 2026
By:
/s/ Stephen J. Perisutti
Name:
Stephen J. Perisutti
Title:
Senior Vice President - Deputy General Counsel and Assistant Secretary
EX-99.1
EX-99.1
Filename: shwearningsrelease3q2026.htm · Sequence: 2
Document
Exhibit 99.1
NEWS
The Sherwin-Williams Company • 1 Sherwin Way • Cleveland, Ohio 44113 • (216) 566-2000
The Sherwin-Williams Company Reports 2026 Third Quarter Financial Results
CLEVELAND, October 27, 2026 - The Sherwin-Williams Company (NYSE: SHW) announced its financial results for the third quarter ended September 30, 2026. All comparisons are to the third quarter of the prior year, unless otherwise noted.
SUMMARY
•Consolidated Net sales increased 7.9% to $6.86 billion in the quarter
◦Net sales from stores in the Paint Stores Group open more than twelve calendar months increased 3.9% in the quarter
•Diluted net income per share increased 0.9% to $3.38 per share in the quarter compared to $3.35 per share in the third quarter of 2025
◦Adjusted diluted net income per share increased 1.1% to $3.63 per share in the quarter compared to $3.59 per share in the third quarter of 2025
•Net income decreased 1.5% in the quarter to $821.0 million, or 12.0% of Net sales
•Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) in the quarter increased 3.4% to $1.39 billion, or 20.3% of Net sales
◦Adjusted EBITDA in the quarter increased 3.3% to $1.40 billion, or 20.5% of Net sales
•Revising full year 2026 diluted net income per share guidance in the range of $10.92 to $11.22 per share, including Valspar acquisition-related amortization expense of $0.82 per share and severance and other restructuring expenses of $0.11 per share
◦Narrowing full year 2026 adjusted diluted net income per share guidance in the range of $11.85 to $12.15 per share
CEO REMARKS
“Sherwin-Williams third quarter performance demonstrated the resilience of our Company and the strength of our strategy in a challenging demand environment. Despite muted underlying market volumes, we continued to win new customers, increase share-of-wallet and deliver sales growth across all three reportable segments, at or above our guidance, supported by the differentiated value and productivity our solutions deliver to customers. At the same time, we took disciplined pricing and cost actions to address inflationary pressures, thoughtfully timed with our customers in mind,” said Chair, President and Chief Executive Officer, Heidi G. Petz. “Gross margin was primarily impacted in the quarter by higher raw material and supply chain related costs and by mix, including dilution from Suvinil and higher growth in lower margin reportable segments. Excluding the dilutive impact of the Suvinil acquisition, our year-to-date gross margin is flat compared to the prior year. SG&A as a percent of sales decreased in the quarter, as we continue to identify and implement efficiencies throughout our Company. Adjusted EBITDA and adjusted diluted earnings per share both grew over last year’s third quarter levels. We returned $749.0 million to shareholders in the quarter through dividends and share repurchases. Our team remains focused on serving our customers and controlling what we can control to continue top and bottom-line growth.”
1
THIRD QUARTER CONSOLIDATED RESULTS
(in millions, except per share data)
Three Months Ended September 30,
2026 2025 $ Change % Change
Net sales $ 6,860.0 $ 6,358.2 $ 501.8 7.9 %
Income before income taxes $ 1,063.5 $ 1,060.5 $ 3.0 0.3 %
Percent to Net sales 15.5% 16.7%
Net income per share - diluted $ 3.38 $ 3.35 $ 0.03 0.9 %
Adjusted net income per share - diluted $ 3.63 $ 3.59 $ 0.04 1.1 %
Consolidated Net sales increased primarily due to higher Net sales in all reportable segments, inclusive of the October 2025 acquisition of Suvinil, and selling price increases, which impacted Net sales by a mid-single digit percentage.
Income before income taxes increased slightly due to an increase in Net sales, partially offset by higher raw material and supply chain related costs, incremental selling, general and administrative (SG&A) expenses associated with Suvinil and higher costs in the Administrative function related to additional interest expense attributable to an increase in debt.
Diluted net income per share included a charge of $0.21 and $0.20 per share for Valspar acquisition-related amortization expense in the third quarter of 2026 and 2025, respectively. Diluted net income per share also included a charge of $0.04 per share related to severance and other restructuring expenses in both the third quarter of 2026 and 2025.
THIRD QUARTER SEGMENT RESULTS
(in millions)
Paint Stores Group (PSG)
Three Months Ended September 30,
2026 2025 $ Change % Change
Net sales $ 4,015.8 $ 3,836.8 $ 179.0 4.7 %
Same-store sales (1)
3.9% 3.6%
Segment profit $ 974.3 $ 954.3 $ 20.0 2.1 %
Reported segment margin 24.3% 24.9%
(1) Same-store sales represents Net sales from stores open more than twelve calendar months.
Net sales in PSG increased primarily due to selling price increases, which impacted Net sales by a mid-single digit percentage, as well as low-single digit percentage sales volume growth. Net sales increased in all professional customer end markets, led by a double digit percentage increase in protective and marine, a high-single digit percentage increase in commercial and a mid-single digit percentage increase in residential repaint. Segment profit increased primarily due to higher Net sales, partially offset by higher raw material and supply chain related costs and increased costs to support higher sales, including investments in additional sales reps and stores.
2
Consumer Brands Group (CBG)
Three Months Ended September 30,
2026 2025 $ Change % Change
Net sales $ 937.4 $ 770.1 $ 167.3 21.7 %
Segment profit $ 146.2 $ 157.3 $ (11.1) (7.1) %
Reported segment margin 15.6% 20.4%
Adjusted segment profit (1)
$ 171.4 $ 179.3 $ (7.9) (4.4) %
Adjusted segment margin 18.3% 23.3%
(1) Adjusted segment profit equals Segment profit excluding the impact of Valspar acquisition-related amortization expense and severance and other restructuring expenses. In CBG, Valspar acquisition-related amortization expense was $15.5 million and $15.6 million in the third quarter of 2026 and 2025, respectively, and severance and other restructuring expenses were $9.7 million and $6.4 million in the third quarter of 2026 and 2025, respectively.
Net sales in CBG increased primarily as a result of the acquisition of Suvinil, favorable foreign currency translation and a positive shift in mix, partially offset by soft demand in North America. Segment profit decreased primarily due to higher raw material and supply chain costs, incremental SG&A expenses associated with the Suvinil acquisition and unfavorable foreign currency transaction gains and losses, partially offset by higher Net sales. Adjusted segment profit decreased for these same reasons.
Valspar acquisition-related amortization expense reduced Segment profit as a percent of Net sales by 170 and 200 basis points in the third quarter of 2026 and 2025, respectively. Severance and other restructuring expenses reduced Segment profit as a percent of Net sales by 100 and 90 basis points in the third quarter of 2026 and 2025, respectively.
Performance Coatings Group (PCG)
Three Months Ended September 30,
2026 2025 $ Change % Change
Net sales $ 1,903.3 $ 1,750.0 $ 153.3 8.8 %
Segment profit $ 255.2 $ 240.3 $ 14.9 6.2 %
Reported segment margin 13.4% 13.7%
Adjusted segment profit (1)
$ 308.7 $ 294.9 $ 13.8 4.7 %
Adjusted segment margin 16.2% 16.9%
(1) Adjusted segment profit equals Segment profit excluding the impact of Valspar acquisition-related amortization expense and severance and other restructuring expenses. In PCG, Valspar acquisition-related amortization expense was $49.8 million and $49.5 million in the third quarter of 2026 and 2025, respectively, and severance and other restructuring expenses were $3.7 million and $5.1 million in the third quarter of 2026 and 2025, respectively.
Net sales in PCG increased primarily due to selling price increases, which impacted Net sales by a mid-single digit percentage, and low-single digit percentage sales volume growth. Net sales increased in all businesses, led by General Industrial, Packaging and Coil, which each increased by a double digit percentage, and Industrial Wood and Automotive Refinish, which each increased by a low-single digit percentage. Segment profit increased primarily due to higher Net sales, partially offset by higher raw material and supply chain related costs and an increase in employee-related costs to support higher sales. Adjusted segment profit increased for these same reasons, including a slight decrease in the expenses associated with targeted restructuring actions in the third quarter of 2026.
Valspar acquisition-related amortization expense reduced Segment profit as a percent of Net sales by 260 and 290 basis points in the third quarter of 2026 and 2025, respectively. Severance and other restructuring expenses reduced Segment profit as a percent of Net sales by 20 and 30 basis points in the third quarter of 2026 and 2025, respectively.
3
LIQUIDITY AND CASH FLOW
The Company generated $2.59 billion in Net operating cash and returned cash of $2.98 billion to our shareholders in the form of dividends and repurchases of 7.1 million shares of its common stock during the first nine months of 2026. At September 30, 2026, the Company had remaining authorization to purchase 22.5 million shares of its common stock through open market purchases.
2026 GUIDANCE
Fourth Quarter Full Year
2026 2026
Net sales Up mid-single digit % Up mid to high-single digit %
Effective tax rate Low twenty percent
Diluted net income per share $10.92 - $11.22
Adjusted diluted net income per share (1)
$11.85 - $12.15
(1) Excludes $0.82 per share of Valspar acquisition-related amortization expense and $0.11 per share of severance and other restructuring expenses incurred through September 30, 2026.
“Customer sentiment and the leading indicators we track point to muted demand over the remainder of the year and into 2027. As we navigate this environment, our focus remains clear: win in the marketplace, serve our customers, offset inflation, reduce costs and continue to deliver profitable growth and shareholder value,” said Ms. Petz.
“Against this backdrop, we expect fourth quarter 2026 consolidated Net sales to increase by a mid-single digit percentage compared to the fourth quarter of 2025, resulting in us maintaining our full year 2026 sales guidance where consolidated Net sales are expected to be up a mid to high-single digit percentage compared to full year 2025. Diluted net income per share is expected to be in the range of $10.92 to $11.22 per share, including acquisition-related amortization expense of $0.82 per share and severance and other restructuring expenses of $0.11 per share, compared to $10.26 per share in 2025. Full year 2026 adjusted diluted net income per share is expected to be in the range of $11.85 to $12.15 per share compared to $11.43 per share in 2025. We remain highly confident in our ability to deliver through current conditions while building an even stronger Sherwin-Williams for the future.”
CONFERENCE CALL INFORMATION
The Company will host a conference call to discuss its financial results for the third quarter, and its outlook for the fourth quarter and full year 2026, at 10:00 a.m. EDT on Tuesday, October 27, 2026. Heidi G. Petz, Sherwin-Williams’ Chair, President and Chief Executive Officer, along with other senior executives, will participate on the call.
The conference call will be webcast simultaneously in listen only mode. To listen to the webcast on the Sherwin-Williams website, click on https://investors.sherwin-williams.com/financials/quarterly-results/, then click on the webcast icon following the reference to the Q3 webcast. An archived replay of the webcast will be available at https://investors.sherwin-williams.com/financials/quarterly-results/ beginning approximately two hours after the call ends.
4
ABOUT THE SHERWIN-WILLIAMS COMPANY
Founded in 1866, The Sherwin-Williams Company is a global leader in the manufacture, development, distribution, and sale of paint, coatings and related products to professional, industrial, commercial and retail customers. The Company manufactures products under well-known brands such as Sherwin-Williams®, Valspar®, HGTV HOME® by Sherwin-Williams, Dutch Boy®, Krylon®, Minwax®, Thompson’s® WaterSeal®, Cabot®, Suvinil® and many more. With global headquarters in Cleveland, Ohio, Sherwin-Williams® branded products are sold exclusively through a chain of more than 5,400 Company-operated stores and branches, while the Company’s other brands are sold through leading mass merchandisers, home centers, independent paint dealers, hardware stores, automotive retailers and industrial distributors. The Sherwin-Williams Performance Coatings Group supplies a broad range of highly-engineered solutions for the construction, industrial, packaging and transportation markets in more than 120 countries around the world. Sherwin-Williams shares are traded on the New York Stock Exchange (symbol: SHW). For more information, visit www.sherwin.com.
5
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this press release constitute “forward-looking statements” within the meaning of federal securities laws. These forward-looking statements are based upon management’s current expectations, predictions, estimates, assumptions and beliefs concerning future events and conditions and may relate to, among other things, anticipated future performance (including sales and earnings), expected growth, and future business plans. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “anticipate,” “aspire,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “potential,” “project,” “seek,” “should,” “strive,” “target,” “will,” or “would” or the negative thereof or comparable terminology.
Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside our control, that could cause actual results to differ materially from such statements and from our historical results, performance and experience. These risks, uncertainties and other factors include such things as: general business and economic conditions in the United States and worldwide; inflation rates, interest rates, unemployment rates, labor costs, healthcare costs, recessionary conditions, geopolitical conditions, terrorist activity, armed conflicts and wars, public health crises, pandemics, outbreaks of disease and supply chain disruptions; shifts in consumer behavior driven by economic downturns in cyclical segments of the economy; shortages and increases in the cost of raw materials and energy; catastrophic events, adverse weather conditions and natural disasters (including those that may be related to climate change); disruptions to our information technology systems, including due to digitization efforts or cybersecurity incidents; our ability to attract, retain, develop and progress a qualified global workforce; the loss of any of our largest customers; increased competition or failure to keep pace with developments in key competitive areas of our business; our ability to successfully integrate past and future acquisitions, into our existing operations; risks and uncertainties associated with our expansion into and our operations in South America, Asia, Europe and other foreign markets; policy changes affecting international trade, including import/export restrictions and tariffs; our ability to achieve our strategies or expectations relating to sustainability considerations, including as a result of evolving legal, regulatory and other standards, processes and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite suppliers, energy sources, or financing and changes in carbon markets and carbon accounting rules; damage to our business, reputation, image or brands due to negative publicity; the infringement or loss of our intellectual property rights or the theft or unauthorized use of our trade secrets or other confidential business information; a weakening of global credit markets or changes to our credit ratings; our ability to generate cash to service our indebtedness; fluctuations in foreign currency exchange rates and changing monetary policies; our ability to comply with a variety of complex U.S. and non-U.S. laws, rules and regulations; increases in tax rates, or changes in tax laws or regulations; our ability to comply with numerous, complex and increasingly stringent domestic and foreign health, safety and environmental laws, regulations and requirements; our liability related to environmental investigation and remediation activities at some of our currently- and formerly-owned sites; the nature, cost, quantity and outcome of pending and future litigation, including lead pigment and lead-based paint litigation; and the other risk factors discussed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 and our other reports filed with the SEC.
Readers are cautioned that it is not possible to predict or identify all of the risks, uncertainties and other factors that may affect future results and that the above list should not be considered a complete list. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as otherwise required by law.
6
INVESTOR RELATIONS CONTACT:
Jim Jaye
Senior Vice President, Investor Relations & Corporate Communications
Sherwin-Williams
Direct: 216.515.8682
investor.relations@sherwin.com
MEDIA CONTACT:
Julie Young
Vice President, Global Corporate Communications
Sherwin-Williams
Direct: 216.515.8849
corporatemedia@sherwin.com
7
The Sherwin-Williams Company and Subsidiaries
Statements of Consolidated Income (Unaudited)
(in millions, except per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
Net sales $ 6,860.0 $ 6,358.2 $ 19,316.2 $ 17,978.4
Cost of goods sold 3,582.8 3,232.7 9,920.5 9,175.5
Gross profit 3,277.2 3,125.5 9,395.7 8,802.9
Percent to Net sales 47.8 % 49.2 % 48.6 % 49.0 %
Selling, general and administrative expenses 2,069.1 1,952.8 6,142.4 5,758.2
Percent to Net sales 30.2 % 30.7 % 31.8 % 32.0 %
Other general expense (income) - net 5.2 (4.7) 14.9 10.5
Interest expense 139.3 117.2 406.8 333.4
Interest income (5.9) (2.6) (14.1) (8.3)
Other expense (income) - net 6.0 2.3 (10.1) 9.9
Income before income taxes 1,063.5 1,060.5 2,855.8 2,699.2
Income taxes 242.5 227.4 656.5 607.5
Net income $ 821.0 $ 833.1 $ 2,199.3 $ 2,091.7
Net income per common share:
Basic $ 3.41 $ 3.38 $ 9.03 $ 8.43
Diluted $ 3.38 $ 3.35 $ 8.95 $ 8.34
Weighted average shares outstanding:
Basic 240.7 246.2 243.5 248.0
Diluted 242.8 249.0 245.7 250.9
8
The Sherwin-Williams Company and Subsidiaries
Business Segments (Unaudited)
(millions of dollars)
2026 2025
Net Segment Net Segment
Sales Profit (Loss) Sales Profit (Loss)
Three Months Ended September 30:
Paint Stores Group $ 4,015.8 $ 974.3 $ 3,836.8 $ 954.3
Consumer Brands Group 937.4 146.2 770.1 157.3
Performance Coatings Group 1,903.3 255.2 1,750.0 240.3
Administrative 3.5 (312.2) 1.3 (291.4)
Consolidated totals $ 6,860.0 $ 1,063.5 $ 6,358.2 $ 1,060.5
Nine Months Ended September 30:
Paint Stores Group $ 10,955.7 $ 2,490.7 $ 10,478.8 $ 2,412.0
Consumer Brands Group 2,829.2 556.3 2,341.7 453.4
Performance Coatings Group 5,522.9 760.9 5,153.1 698.1
Administrative 8.4 (952.1) 4.8 (864.3)
Consolidated totals $ 19,316.2 $ 2,855.8 $ 17,978.4 $ 2,699.2
9
The Sherwin-Williams Company and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(millions of dollars)
September 30,
2026 2025
Assets
Current assets:
Cash and cash equivalents $ 264.2 $ 241.5
Accounts receivable, net 3,598.1 3,122.3
Inventories 2,547.0 2,276.3
Other current assets 618.1 506.0
Total current assets 7,027.4 6,146.1
Property, plant and equipment, net 4,225.6 3,913.2
Goodwill 7,975.5 7,794.1
Intangible assets 3,744.3 3,466.2
Operating lease right-of-use assets 2,101.5 1,989.5
Other assets 1,887.1 2,897.3
Total Assets $ 26,961.4 $ 26,206.4
Liabilities and Shareholders’ Equity
Current liabilities:
Short-term borrowings $ 2,353.6 $ 1,846.9
Accounts payable 2,895.3 2,441.6
Compensation and taxes withheld 817.4 709.4
Accrued taxes 300.4 254.6
Current portion of long-term debt 1,498.8 350.5
Current portion of operating lease liabilities 487.6 479.8
Other accruals 1,495.8 1,390.7
Total current liabilities 9,848.9 7,473.5
Long-term debt 7,942.7 9,318.1
Postretirement benefits other than pensions 134.0 120.7
Deferred income taxes 742.4 657.2
Long-term operating lease liabilities 1,699.1 1,582.3
Other long-term liabilities 2,617.6 2,629.3
Shareholders’ equity 3,976.7 4,425.3
Total Liabilities and Shareholders’ Equity $ 26,961.4 $ 26,206.4
10
Reconciliation of Non-GAAP Financial Measures
Management of the Company utilizes certain financial measures that are not in accordance with U.S. generally accepted accounting principles (US GAAP) to analyze and manage the performance of the business. Management provides non-GAAP information in reporting its financial results to give investors additional data to evaluate the Company’s operations. Management does not, nor does it suggest investors should, consider such non-GAAP measures in isolation from, or in substitution for, financial information prepared in accordance with US GAAP.
Management believes that investors’ understanding of the Company’s operating performance is enhanced by the disclosure of diluted net income per share excluding Valspar acquisition-related amortization and certain other adjustments. Valspar acquisition-related amortization expense is excluded from diluted net income per share due to its significance as a result of the purchase price assigned to finite-lived intangible assets at the date of acquisition and the related impact on underlying business performance and trends. While these intangible assets contribute to the Company’s revenue generation, the related revenue is not excluded. This adjusted diluted earnings per share measurement is not in accordance with US GAAP. It should not be considered a substitute for diluted earnings per share computed in accordance with US GAAP and may not be comparable to similarly titled measures reported by other companies. The following tables reconcile diluted net income per share computed in accordance with US GAAP to adjusted diluted net income per share.
Year Ending
Three Months Ended Nine Months Ended December 31, 2026
September 30, 2026 September 30, 2026 (after-tax guidance)
Pre-Tax
Tax
Effect (1)
After-Tax Pre-Tax
Tax
Effect (1)
After-Tax Low High
Diluted net income per share $ 3.38 $ 8.95 $ 10.92 $ 11.22
Acquisition-related amortization expense (2)
$ .27 $ .06 .21 $ .80 $ .19 .61 .82 .82
Severance and other restructuring expenses .06 .02 .04 .15 .04 .11 .11 .11
Adjusted diluted net income per share $ 3.63 $ 9.67 $ 11.85 $ 12.15
Three Months Ended Nine Months Ended Year Ended
September 30, 2025 September 30, 2025 December 31, 2025
Pre-Tax
Tax
Effect (1)
After-Tax Pre-Tax
Tax
Effect (1)
After-Tax Pre-Tax
Tax
Effect (1)
After-Tax
Diluted net income per share $ 3.35 $ 8.34 $ 10.26
Acquisition-related amortization expense (2)
$ .26 $ .06 .20 $ .77 $ .18 .59 $ 1.03 $ .25 .78
Severance and other restructuring expenses .06 .02 .04 .37 .10 .27 .44 .10 .34
Trademark impairment — — — — — — .07 .02 .05
Adjusted diluted net income per share $ 3.59 $ 9.20 $ 11.43
(1) The tax effect is calculated based on the statutory rate and the nature of the item, unless otherwise noted.
(2) Acquisition-related amortization expense, which is included within Selling, general and administrative expenses, consists of the amortization of intangible assets related to the Valspar acquisition. These intangible assets are primarily customer relationships and intellectual property and are being amortized over their remaining useful lives.
11
Management believes that investors’ understanding of the Company’s operating performance is enhanced by the disclosure of EBITDA, which is a non-GAAP financial measure defined as Net income before Interest expense, Income taxes, depreciation and amortization, as well as Adjusted EBITDA, which is a non-GAAP financial measure that excludes certain adjustments that management further believes enhances investors’ understanding of the Company’s operating performance. The reader is cautioned that the Company’s EBITDA and Adjusted EBITDA should not be compared to other entities unknowingly. Further, EBITDA and Adjusted EBITDA should not be considered alternatives to Net income as an indicator of operating performance. The following table reconciles Net income computed in accordance with US GAAP to EBITDA and Adjusted EBITDA, as applicable.
(millions of dollars)
Three Months Three Months Three Months Nine Months
Ended Ended Ended Ended
March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026
Net income $ 534.7 $ 843.6 $ 821.0 $ 2,199.3
Interest expense 131.6 135.9 139.3 406.8
Income taxes 145.1 268.9 242.5 656.5
Depreciation 98.3 98.5 99.2 296.0
Amortization 88.5 87.9 88.3 264.7
EBITDA $ 998.2 $ 1,434.8 $ 1,390.3 $ 3,823.3
Severance and other restructuring expenses — 23.8 13.1 36.9
Adjusted EBITDA $ 998.2 $ 1,458.6 $ 1,403.4 $ 3,860.2
Three Months Three Months Three Months Nine Months
Ended Ended Ended Ended
March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2025
Net income $ 503.9 $ 754.7 $ 833.1 $ 2,091.7
Interest expense 103.8 112.4 117.2 333.4
Income taxes 149.1 231.0 227.4 607.5
Depreciation 79.9 79.3 82.8 242.0
Amortization 81.0 83.4 84.1 248.5
EBITDA $ 917.7 $ 1,260.8 $ 1,344.6 $ 3,523.1
Severance and other restructuring expenses 19.3 59.0 14.4 92.7
Adjusted EBITDA $ 937.0 $ 1,319.8 $ 1,359.0 $ 3,615.8
12
The Sherwin-Williams Company and Subsidiaries
Selected Information (Unaudited)
(millions of dollars, except store count data)
Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
Depreciation $ 99.2 $ 82.8 $ 296.0 $ 242.0
Capital expenditures 128.7 196.4 375.4 567.2
Cash dividends 194.3 195.7 588.9 594.0
Amortization of intangibles 88.3 84.1 264.7 248.5
Significant components of Other general expense (income) - net:
Provisions for environmental related matters - net $ (0.1) $ 10.6 $ 3.3 $ 14.1
Loss (gain) on sale or disposition of assets 2.4 (23.8) 0.6 (27.2)
Other 2.9 8.5 11.0 23.6
Significant components of Other expense (income) - net:
Investment losses (gains) $ — $ 3.9 $ (6.4) $ (5.6)
Foreign currency transaction related losses - net 16.6 6.6 11.1 29.7
Other (1)
(10.6) (8.2) (14.8) (14.2)
Store Count Data:
Paint Stores Group - net new stores 12 23 — 61
Paint Stores Group - total stores 4,853 4,834 4,853 4,834
Consumer Brands Group - net new stores 2 (8) 3 (30)
Consumer Brands Group - total stores 310 304 310 304
Performance Coatings Group - net new branches — — — —
Performance Coatings Group - total branches 317 324 317 324
(1) Consists of items of revenue, gains, expenses and losses unrelated to the primary business purpose of the Company.
13
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v3.26.3
Cover
Oct. 27, 2026
Cover [Abstract]
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Document Period End Date
Oct. 27, 2026
Entity Registrant Name
THE SHERWIN-WILLIAMS COMPANY
Entity Incorporation, State or Country Code
OH
Entity File Number
1-04851
Entity Tax Identification Number
34-0526850
Entity Address, Address Line One
1 Sherwin Way
Entity Address, City or Town
Cleveland,
Entity Address, State or Province
OH
Entity Address, Postal Zip Code
44113-2206
City Area Code
216
Local Phone Number
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Security Exchange Name
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